Business Planning A Remarkable Start
I continue in this post with more thoughts about business planning inspired by my reading of Seth Godin’s book The Purple Cow:Transform Your Business by Being Remarkable.
In exchange for taking the risk - the risk of failure, being ridiculed or not fulfilling your dreams the rewards if you do it right are huge. In business planning, if you’re remarkable at the beginning that can last for a long time. For example, Starbucks took the coffee industry by storm.
The next part is to milk the product or service for all it is worth. At the same time work at developing a new hit product, innovation or service with some of your profits.
Do you have the e-mail addresses of 20 or 30 people that absolutely love what you do?
Think of something extra special that you could offer them and then do it. Probably no one else has ever done that for them. They will remember you and talk about your product or service.
Curad , when they designed pictures on their bandages, they grabbed a huge share of the market. Is there something you could put on your product that would attract people to collect them or choose your brand over someone else’s?
Part of business planning is advertising. Sometimes people with a great product spend time every year changing the advertising. That’s fine if you have something new and great to introduce but otherwise don’t bother.
Would your customers go out of their way to purchase your product or service?
If you make dramatic improvements the customer would care about, that would have huge payoffs. Would your customers go out of their way to purchase your product? Do they have brand insistence - your brand or nothing?
Business Planning And Product Design
As part of your business planning find the market niche and then design a remarkable product for that niche, not the other way around. To figure out what to do next, think of what a lot of people might want and then test to see if you are right. Will they give you the business and financial gain you want? Then examine all the things involved in your business, to see if you could do it for less, e.g., how the product is made, the packaging, and how you deliver it. Check out what your competition is doing?
Do you have a slogan for your product that is worth passing on? This helps when people pass on information about it so that the information is correct. Does the business card you use have your benefits or differences on the back?
Find the answer to your customer’s needs
Is your product a solution for your customer’s needs? It’s easier to sell something that people are looking to buy. The other way, is to design a product to solve a problem the customer has. All of that is part of business planning.
In almost every market there is a boring solution that most people use. Real growth comes with products that are slightly different form the main product. For example, it may be more or less expensive or a bigger or smaller version of it.
Godin, S. (2003). Purple Cow.
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